Instructions: Week 3 Individual Assignment Total Number of Questions - 10 Total Points: 6 1. You have ten problems - one on each tab of this Excel file. 2. Please show your work in the cells. Use Excel formulas instead of writing the values/answers directly in the cell. The instructor will then know where you made a mistake and provide you valuable feedback and partial credit (if appropria back and partial credit (if appropriate). Nordstrom plans to mark up a Brahmin Croc Embossed Laptop Case $130.50 over cost, which is a 58% markup based on the cost. Find the cost, the selling price, and the rate of the selling price. Amount Cost + Markup = Sell Price % ch is a 58% markup Ronin Copies marks up signs that sell for $49. The markup is 80% based on the selling price. What is the cost and the amount of markup of a sign? Amount Cost + Markup = Sell Price % Lowe’s reduced a Maytag dishwasher 12.563%. If the dishwasher was priced at $398, find the amount of markdown and the reduced price. Amount Original SP ‒ Markdown = New Price % Fresh Food Market pays $0.25 per pound for 300 pounds of apples. On average, 5% of the apples will spoil before they sell. Find the selling price per pound needed to obtain a 180% markup on cost. Unit Price Quantity Cost =Unit Price*Quantity Amount % Cost + Markup = Sell Price Proportion to spoil Proportion to be sold Pounds expected to sell Selling Price per pound =1- Proportion to spoil =Proportion to be sold*Quantity =Selling Price/Pounds expected to sell Find the net price of the PC software SystemWorks that lists for $70 and has a discount rate of 12%. Use the system of complements. List Price Trade Discount % Net Price Rate Net Price =1-Trade Discount% =Net Price Rate*List Price Dylan Murphy currently receives a trade discount series of 5/10/10 on merchandise purchased from a furniture company. He is negotiating with another furniture manufacturer to purchase similar furniture of the same quality. The first company lists a dining room table and six chairs for $1,899. The other company lists a similar set for $1,800 and a trade discount series of 5/5/10. Which deal is better? 5/10/10 5/5/10 List Price 1st Trade Discount 2nd Trade Discount 3rd Trade Discount Net Decimal Equivalent (don't round) Net Price (using Net Decimal Equivalent) =(1 - 1st Trade Discount)*(1 - 2nd Trade Discount)*( =(List Price)*(Net Decimal Equivalent) Single Discount Equivalent (don't round) Trade Discount $ Net Price (using Trade Discount) =1 - Net Decimal Equivalent =(List Price)*(Single Discount Equivalent) =(List Price - Trade Discount $) nt)*(1 - 2nd Trade Discount)*(1 - 3rd Trade Discount) PlumbingStore.com buys one model of tankless water heater that has a list price of $395. The trade discount is 18%. What is the trade discount and net price of the heater? List Price Trade Discount % Net Price Rate Net Price =1-Trade Discount% =Net Price Rate*List Price Federated Department Stores received an invoice dated April 18 that shows a billing for $3,848.96 with terms 2/10, 1/15, n/30. Find the cash discount and net amount if the invoice is paid within 15 days but after 10 days. Terms on Invoice Date on Invoice No. of days within which the Invoice was paid Date by which the Invoice was paid =Date on Invoice + B7 Cash Discount % Number of days to take advantage of 2% discount Final Date Invoice must be paid to get 2% discount Can Federated get a 2% discount? =Date on invoice + B11 Choose one Cash Discount % Number of days to take advantage of 1% discount Final Date Invoice must be paid to get 1% discount Can Federated get a 1% discount? =Date on invoice + B16 Choose one Price on Invoice Cash Discount Amount ($) Net Amount (Method 1 using Cash Discount) =(Cash Discount %)*(Invoice Price) =(Invoice Price) - (Cash Discount $) Net Amount (Method 2 using Complements) Complement Method =(1-Cash Discount%)*(Invoice Price) nvoice Price) h Discount $) (Invoice Price) Office Max purchased office furniture in the amount of $89,517 and was invoiced with terms of 2/10, n/30. Cash strapped at the time, Office Max decided to make a partial payment of $50,000 within 10 days. How much should be credited to its account? What is the outstanding balance? Terms Cash Discount % Invoice total Partial payment made before discount date Amount Credited Amount Still Due On Account =Partial Payment/(1 - Cash Discount%) =Invoice Total - Amount Credited Curves Fitness Center received an invoice for $3,097.15 that was dated September 8 with terms of 3/15 ROG. The goods being invoiced arrived on September 12. By what date must the invoice be paid to get the cash discount? How much should be paid? Invoice Date Date Goods are Received Terms # of Days we have to take advantage of the discount Final Date to take Discount Invoice Total Cash Discount % Cash Discount $ Total Paid =B8+B10 =(Cash Discount %)*(Invoice Total) =(1 - Cash Discount%)*(Invoice Total) nvoice Total) *(Invoice Total) Case 8.1 Chapter 8 Page 305 of your text Text: Business Math, Eleventh Edition Case 8.1 Image Manufacturing's Rebate Offer Part 1 Current Order Unit Price Additional number of pieces moved from another company Total Order Total Cost for the order Rebate (%) hinges per month each Rebate ($) for the total order =Rebate %*Total Cost for the order Total discounted price =Total Cost minus Rebate Discounted cost per piece =Discounted Price/Total Order New order quantity Unit Price Total Cost for the order hinges per month each =New Order Quantity*Unit Price Rebate (trade discount) ($) Total rebate for the order per piece =Rebate($)*New order quantity Discount (%) =Total rebate/Total cost for the order New order quantity Unit Price Total Cost for the order pieces per month each =New Order Quantity*Unit Price Rebate (trade discount) ($) Total rebate for the order Net amount before cash discount =Rebate($)*New order quantity =Total cost - Total rebate for the order Cash discount (%) Cash discount ($) =Cash Discount (%)*Net amount before cash disco hinges per month ---> Current Order + Additional n =Total Order*Unit Price --> This number should be a percentage. Part 2 Part 3 Total concession (rebate + cash discount) $ Net Price ($) Part 4 Total cost - Total concession Unit Price Rebate (trade discount) ($) Rebate (%) =Rebate($)/Unit Price Describe a minimum of 90 words if you think other Image Manufacturing customers may claim unfair trade practi may claim unfair trade practices? Why? Why not? Case 8.3 Chapter 8 Page 306/307 of your text Text: Business Math, Eleventh Edition Case 8.3 The Artist's Palette Parts 1 and 2 Supplier 1 Supplier 2 List Price First Trade Discount % Second Trade Discount % Third Trade Discount % Net Decimal Equivalent Net Price Recommendation Choose one Part 3 Supplier 1 Supplier 2 List Price First Trade Discount % Second Trade Discount % Third Trade Discount % Net Decimal Equivalent Single Trade Discount Trade Discount ($) Part 4 Terms # of Days to take the discount Date on invoice Final Date to take Discount Invoice Total Eligible for discount Cash Discount % Cash Discount $ Total Amount Due Sept 26 Amount saved by paying early =C30 + C31 (Yes or No) =Invoice Total - Cash Discount $ =Invoice Total - Total Amount Due Sept 26 Part 5 Date on Invoice Terms No. of days to take advantage of discount Final Date to Take Discount Date on Invoice 9/16/2015 2/10, n/30 -- You want the invoice to be paid in the first =C42 + C44 9/16/2015 Terms Was the Date on Invoice before 26th? End of CURRENT Month Days Past End of the Month Final Date to Take Discount 2/10, EOM Date on Invoice Terms Was the Date on Invoice before 26th? End of NEXT Month Days Past End of the Month Final Date to Take Discount 9/26/2015 2/10, EOM (Yes or No) -- Use EOMONTH function -- You want the invoice to be paid in the first =C50 + C51 (Yes or No) -- Use EOMONTH function -- You want the invoice to be paid in the first =C57 + C58 In a minimum of 90 words, explain which one you would recommend. Choose one In a minimum of 90 words, explain why a student would pick the one chosen. =(1 - 1st Trade Discount%)*(1 - 2nd Trade Discount%) * (1 - 3rd Trade Discount%) =(Net Decimal Equivalent)*(List Price) =(1 - 1st Trade Discount%)*(1 - 2nd Trade Discount%) * (1 - 3rd Trade Discount%) =1-Net Decimal Equivalent ce Total - Cash Discount $ ce Total - Total Amount Due Sept 26 want the invoice to be paid in the first 10 days of NEXT month 
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